The Governor of the central bank, Dr Ernest Yedu Addison has said the introduction of the new ¢100, ¢200 notes as well as ¢2 coins would boost the country’s economic system.
According to him, the Central Bank went through a thorough thinking process before arriving at the decision to introduce the new currencies in the system.
“A lot of thinking went into the decision to introduce the higher denomination banknotes,” the Governor of the Bank of Ghana, Dr. Ernest Addison said at a press conference on Friday.
”The structure of the banknotes should align well with the needs of the people who use it for their daily
transactions. We need banknotes and coins that are convenient for most people to use,” he added.
He said the introduction of the new denominations is an outcome of about two years of a probe into the state of the currency more than a decade after the re-denomination of the country’s currency in 2007.
“In March 2017, Bank of Ghana began a process of conducting a thorough review of the structure of the currency including the note, coin boundary, and acceptability and use of the individual currency series,” the BoG governor said, adding that the process involved a nationwide survey with market operators, businesses and “international stakeholders as well as some empirical exercise”.